Qatar Re - successful issue of USD 450 million perpetual non-call 5.5 year subordinated Tier 2 notes

Qatar Reinsurance Company Limited ("Qatar Re"), a subsidiary of Qatar Insurance Company S.A.Q. ("QIC"), has announced the successful issue of USD 450 million Reg S Perpetual non-call 5.5 subordinated Tier 2 notes guaranteed on a subordinated basis by QIC to institutional investors, representing its debut issuance in the international debt capital markets.

The issue attracted over 290 orders of more than USD 6.5 billion and achieved a balanced global distribution of investors comprising 30% Asia, 29% UK, 20% Middle East, 19% Continental Europe and 2% from other regions.

The initial coupon has been set at 4.95% per annum. It will be fixed until the first call date in September 2022 when it will be reset to 5yr MS plus the initial margin, and will be reset every 5 years thereafter.

The notes have been assigned an issue rating of "BBB+" by S&P Global Ratings and provide eligible Tier 2 capital to further enhance Qatar Re's financial strength. Qatar Re continues to benefit from a rating of "A/Stable" from S&P Global Ratings and "A (Excellent)" from A.M Best.

Gunther Saacke, Qatar Re's CEO, commented: "With the introduction of tradable notes, Qatar Re is seizing the opportunity to finance future growth on the back of a modern efficient capital structure. The notes have reduced our cost of capital and are a significant milestone on our path to establishing Qatar Re in the top tier of our industry." He continued, "The issuance has taken our company beyond the USD 1 billion capital mark; an important threshold to potential clients who make this a prerequisite. The increased capital strength will enable us to respond to increasing demand from existing and new clients for substantial capacity as part of our comprehensive service proposition."

BNP Paribas acted as sole structuring adviser on this transaction. Joint bookrunners were BNP Paribas, HSBC Bank, Emirates NBD and National Bank of Abu Dhabi.

About Qatar Re

Qatar Re, licensed as a Class 4 Insurer by the Bermuda Monetary Authority, is a global multi-line reinsurer writing all major property, casualty and specialty lines of business. Qatar Re serves its clients through teams of seasoned underwriting and finance professionals combining in-depth technical and business expertise with industry experience across all markets. Through its headquarters in Bermuda, branch offices in Zurich, the Dubai International Financial Centre and Singapore and representative office in London, Qatar Re is close to the world's major reinsurance markets and the core operations of its clients. Qatar Re is backed by a parental guarantee from Qatar Insurance Company S.A.Q. (QIC) and benefits from QIC's substantial and growing capital base. Qatar Re is rated "A/Stable" by S&P Global and "A (Excellent)" by A. M. Best.

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